Christine Benz updates her “Must-Know Statistics About Long-Term Care” report every year and the newest LTC information is now available. She is a Personal Finance Director at Morningstar and these annual reports are packed with invaluable long term care statistics. We’re so grateful to her for this!
No stranger to the value of long term care, Benz openly shares about her obsession (her words!). Both of her parents required it later in their lives. Even though her parents had the funds to pay for their LTC, “… it was still a terribly hard process for them, my siblings, and me.”
Ms. Benz’s statistics cover a broad spectrum. If you click on the link to the report, you’ll find that each statistic is linked to the underlying research.
Some Interesting Long Term Care Statistics
How long will we actually use our long term care coverage?
- Women will need more LTC than men.
- 48% of us will likely need LTC for less than a year.
- 21% of us will likely need LTC for 2-5 years.
- 13% of will will need LTC for more than 5 years.
She shows us who and at what age people will need LTC, and how long they’ll need LTC coverage. Women will need more LTC than men. Although 48% of us will need LTC for less than a year, 21% of us will need LTC for 2 – 5 years and 13% of us will need LTC for more than five years.
The Dementia Factor
- 38% of Americans over the age of 85 have Alzheimer’s disease.
- 64% of those afflicted are women.
- From 2000 – 2017, Alzheimer’s-related deaths rose by 145% (deaths from heart disease decreased by 9% over the same period).
The Costs of Long Term Care
- LTC costs rose dramatically between 2000 and 2015. They’re now more than $208 billion/year.
- 51% of LTC costs were paid by Medicaid
- The estimated lifetime cost of caring for a dementia patient is $350,174.
- The median annual cost of living in a nursing home is $102,200 (depending on geographic location and facility amenities offered).
Statistics on the Unpaid Caregiver
- 34.2 million people provided unpaid care to someone 50 years or older during the past 12 months.
- Over 75% of these unpaid caregivers are women.
- The average age of these unpaid caregivers is 49.2, while 34% are 65 or older.
- 70% of caregivers experience work-related challenges due to their caregiving responsibilities.
- If they are able to maintain their paying jobs, they report spending an additional 34.7 hours each week providing unpaid care.
Maintaining Your Independence
In light of the ever-increasing costs of long term care along with the increasing age of the U.S. population, the ability to afford effective medical care is more important than ever. Instead of relying on family or friends, consider the possibility of hiring trained professionals for your care. You can move into a safe, comfortable environment or receive regular visits in your own home.
Click here to receive a free, no-obligation quote for your own LTCi coverage. It’s a great time to learn what options are available to you in the future with just a little planning today.